StockNews.com Upgrades Tapestry (NYSE:TPR) to Buy

Tapestry (NYSE:TPR) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Several other analysts have also weighed in on the stock. Argus reiterated a “buy” rating and set a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lowered their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Citigroup cut their target price on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a research note on Thursday, August 15th. Finally, Evercore ISI dropped their price objective on Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $47.07.

Tapestry Stock Up 2.8 %

TPR stock opened at $47.00 on Wednesday. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The company has a market cap of $10.80 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54. The business’s 50-day simple moving average is $40.81 and its 200 day simple moving average is $41.99.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 earnings per share. On average, research analysts anticipate that Tapestry will post 4.47 earnings per share for the current year.

Institutional Trading of Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fidelis Capital Partners LLC bought a new position in Tapestry in the 1st quarter valued at $35,000. BNP Paribas bought a new position in Tapestry in the first quarter valued at about $38,000. Massmutual Trust Co. FSB ADV increased its position in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares during the period. Blue Trust Inc. raised its holdings in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its position in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.